Bank of New York

The Bank of New York Mellon Corporation, headquartered in New York City, USA, is one of the largest asset administration firms in the world, its name resulting from the Bank of New York's acquisition in 2007 of Mellon Financial. "It was The Bank of New York's third attempt to acquire Mellon. Now known as The Bank of New York Mellon (BNY Mellon), the firm has about $20 trillion in assets under custody and more than $1 trillion of assets under management. The company has a presence in over 35 countries, including more than 80 wealth management offices in the US and the UK. Its Pershing subsidiary is a leading securities clearing firm", according to business website Hoovers.

In 2006, sales were nearly $9.1 billion with profits of $3 billion. Top competitors are Brown Brothers Harriman, Citigroup, and Credit Suisse (USA).

Political contributions
Thomas A. Renyi, current Chairman of Bank of New York and then CEO, was a Bush Pioneer having raised at least $100,000 for Bush in the 2004 presidential election. In June 2003, Renyi along with banker Pioneers E. Stanley O'Neal and John J. Mack, hosted Bush's first reelection fundraiser in New York.

Bank of New York gave $10,700 to federal candidates in the 2006 election through its political action committee - 14% to Democrats and 86% to Republicans.

Mellon Financial gave $203,500 in 2006 - 32% to Democrats and 68% to Republicans.

Lobbying
Bank of New York spent $220,000 for lobbying in 2006.

Personnel
Key leaders and 2006 pay:


 * Robert P. Kelly, Chief Executive Officer
 * Gerald L. Hassell, President, $9,792,700 (also exercised $2,224,860 in options)
 * Thomas A. Renyi, Executive Chairman, $22,634,100 (also exercised $5,228,237 in options)
 * Bruce W. Van Saun, Vice Chairman, $7,272,100
 * Frank J. Biondi, Jr., Senior Managing Director of WaterView Advisors LLC
 * Ruth E. Bruch, Senior Vice President and Chief Information Officer of Kellogg Company
 * Nicholas M. Donofrio, Executive Vice President, Innovation and Technology of IBM Corporation
 * Steven G. Elliott, Senior Vice Chairman of The Bank of New York Mellon
 * Edmund F. Kelly, Chairman of Liberty Mutual Group
 * Richard J. Kogan, Retired President and Chief Executive Officer of Schering-Plough Corporation
 * Michael J. Kowalski, Chairman and Chief Executive Officer of Tiffany & Co.
 * John A. Luke, Jr., Chairman and Chief Executive Officer of MeadWestvaco Corporation
 * Robert Mehrabian, Chairman and Chief Executive Officer of Teledyne Technologies Inc.
 * Mark A. Nordenberg, Chancellor of University of Pittsburgh
 * Catherine A. Rein, Chief Administrative Officer of MetLife, Inc.
 * William C. Richardson, Chief Executive Officer Emeritus of W.K. Kellogg Foundation
 * Samuel C. Scott III, Chairman and Chief Executive Officer of Corn Products International, Inc.
 * John P. Surma, Chairman and Chief Executive Officer of United States Steel Corporation
 * Wesley W. von Schack, Chairman and Chief Executive Officer of Energy East Corporation

Contact details
1 Wall Street, 10th Floor New York, NY 10286 Phone: 212-495-1784 Fax: 212-809-9528 Web: http://www.bnymellon.com

Related SourceWatch articles

 * Banking
 * Joseph M. Samulski

External articles

 * Lucy Komisar, "Banking on Elections", CorpWatch, October 6, 2004.

External resources

 * Responsible Credit Cards: Myth or Reality? Co-op America, accessed January 2008.

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